The Lakes of Palm Harbor apartment community in Palm Harbor has been acquired by RADCO Cos. for $33.5 million. The 292-unit Class B property is located at 3975 Country Place Ln and traded for $114,726 per unit. RADCO plans to spend about $2.5 million to upgrade the 1984 exteriors, amenities, landscapes and interior finishes of the property. The deal was brokered by ARA, a Newmark company, with a combination of private capital and financing from Fannie Mae. This purchase marks the 13th acquisition this year for RADCO, which now owns 14,250 multifamily units in eight states across the central and southeast states.
“The Tampa Bay metropolitan area has a diverse and robust economy with substantial opportunities for business and population growth, yet most availability has already been developed creating a barrier to entry,” said RADCO CEO Norman Radow. “We have been very active in the Tampa market. Lakes of Palm Harbor is our third acquisition in the market this year alone. It is a valuable property that allows us to gain access to an excellent school district.”
